Another Milwaukee credit union, the $34 million First Service, has fallen victim to last year's collapse of Central States Mortgage Corp., the CU-run CUSO that got into trouble over subprime paper.
Under a so-called "assisted" transaction of the NCUA, the struggling First Service was merged at year-end into the $405 million Marine CU of Fond du Lac, Wis.
Terms were not disclosed but an NCUA statement said First Service had been merged into Marine effective Dec. 31. First Service had recorded an $827,000 loss for the year and a reported $1.3 million loss for the first three quarters of 2009.
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